Google is now officially under the mother company Alphabet, Inc. following an announcement at the stock market.
Alphabet will continue to trade under the names GOOG and GOOGL. The company has just been listed as an IPO at the Securities and Exchange Commission.
Google will continue to be headed by Sundar Pichai as its CEO while Alphabet will be run by Larry Page and Sergey Brin as the CEO and President respectively.
In a blog post, Page writes how restructuring Google will bring in more extraordinary opportunities. He even explained the reason behind the name Alphabet.
"Google is not a conventional company. We do not intend to become one. Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed," he says. "This is a very exciting new chapter in the life of Google - the birth of Alphabet. We liked the name Alphabet because it means a collection of letters that represent language, one of humanity's most important innovations, and is the core of how we index with Google search!"
Apart from Google being a subsidiary of Alphabet, other subsidiaries will include Google X (self-driving cars, drone deliveries, city-wide Wi-Fi), Google Venture, Google Capital, Google Fiber (high-speed Internet), Nest (home automation), Sidewalk Labs, Calico (longevity) and Google Life Sciences (glucose-sensing contact lens).
Google will focus on key products that include search, Android, apps, advertising, YouTube and Maps.
The report from the United States Securities and Exchange Commission also indicates Google's directors will still be Alphabet's directors. They are Larry Page, Sergey Brin, Eric E. Schmidt, L. John Doerr, Diane B. Greene, John L. Hennessy, Ann Mather, Alan R. Mulally, Paul S. Otellini, K. Ram Shriram and Shirley M. Tilghman.
Likewise, the report also indicates the executive officers of Alphabet upon consummation of the Alphabet merger. They are Larry Page (Chief Executive Officer), Sergey Brin (President), Eric E. Schmidt (Executive Chairman of the Board of Directors), David C. Drummond (Senior Vice President, Corporate Development, Chief Legal Officer and Secretary), Ruth Porat (Senior Vice President and Chief Financial Officer) and Sundar Pichai (Chief Executive Officer, Google Inc).
"This new structure will allow us to keep tremendous focus on the extraordinary opportunities we have inside of Google," adds Page. "We will rigorously handle capital allocation and work to make sure each business is executing well. We'll also make sure we have a great CEO for each business, and we'll determine their compensation. We are excited to get to work with everyone in the Alphabet family. Don't worry, we're still getting used to the name too!"